Ex-Im fight is not over
DENVER—With Congress in recess until July 7, the Export-Import Bank is slated to expire tonight. The expiration would have no impact on Ex-Im’s current obligations and will not cease to exist tomorrow. July 1 marks the slow-down of the bank’s operations and the financing already granted will continue through the life of the loans, loan guarantees and insurance policies.
“The bank’s expiration will help scale back the rampant cronyism we see in government,” said Jonathan Lockwood, executive director of Advancing Colorado, a free market advocacy group. “Colorado taxpayers don’t want their hard-earned money to go toward foreign companies and huge corporations, instead they want to see local businesses and opportunity thrive. Government shouldn’t be picking winners and losers, because when they do – it is all of us who lose.”
Backers of the bank will still be able to restore its lending authority in the future, and the bank’s 450 employees will continue to manage the bank’s $112 billion in outstanding agreements.
The next attempt to reauthorize the bank could come next month when proponents of the bank may attach the reauthorization of the bank to a measure funding the Highway Trust Fund. The Highway Trust fund is at risk of running out of money by July 31.
“Attaching the reauthorization of the bank to unrelated measures is a typical, sneaky move and shows the desperation of the bank’s supporters,” added Lockwood. “Memo to the supporters of the bank: stop trying to perpetuate corporate welfare on the backs of Colorado families and communities.”